Breaking from Parliament – The Income-Tax (No. 2) Bill, 2025 Passed in Lok Sabha
After more than six decades, India bids farewell to the Income-tax Act, 1961. On August 11, 2025, the Lok Sabha passed the Income-Tax (No. 2) Bill, 2025, marking the most sweeping tax reform in generations. The Bill—shaped by 285 recommendations from the Parliamentary Select Committee led by MP Baijayant Panda—promises **S.I.M.P.L.E.** compliance: *Streamlined, Integrated, Minimized…
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Government Withdraws Income-Tax Bill, 2025; Revised Draft to be Introduced on August 11
The Government of India has formally withdrawn the Income-Tax Bill, 2025, which was introduced in the Lok Sabha on February 13, 2025, to replace the six-decade-old Income-Tax Act, 1961. A revised draft, incorporating the recommendations of the Select Committee chaired by BJP MP Baijayant Panda, is scheduled to be presented in the House on August…
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Income Tax deduction and rebate available on Housing Loan
For the FY 2020-21, Salaried individuals, who have no business income, have the option to choose between the old (existing) and new tax regimes u/s 115BAC as per their convenience. There are different types of income allowed as deduction while computing the income chargeable under the old rule. There are different Sections of the Income…
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Estate Planning in India: Structuring Wills, Trusts, and Understanding Tax Implications
IntroductionEstate planning involves the strategic organization and management of an individual’s assets to ensure an orderly transfer upon their incapacitation or death. The primary objectives of estate planning include preserving wealth, minimizing tax liabilities for beneficiaries, and facilitating the seamless distribution of assets. Key tax considerations in estate planning include capital gains tax and income…
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Income Tax Slabs for Non-Individual Entities in India (AY 2025–26)
Introduction The Indian income tax system follows a progressive slab-based structure, applicable to both individuals and non-individual entities. Under this framework, taxpayers are categorized into income brackets or “slabs,” with each slab attracting a specified tax rate. Higher income levels are taxed at proportionately higher rates to ensure equity in the tax burden. This article…
Comparative Analysis of the Old and New Tax Regimes under Section 115BAC
Introduction The Finance Act, 2023 introduced pivotal amendments to Section 115BAC of the Income Tax Act, 1961, effective from Assessment Year (AY) 2024–25. As a result of these changes, the new tax regime has been made the default taxation system for certain categories of taxpayers, including Individuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs)…
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